Up to 1 Billion KRW Industrial Accident Prevention Facility Loan Support per Workplace... Total 320 Billion KRW
[Asia Economy Reporter Kim Bo-kyung] The Korea Occupational Safety and Health Agency announced on the 3rd that it will promote a loan support project for industrial accident prevention facilities worth 320 billion KRW this year to prevent industrial accidents through the improvement of workplace safety and health facilities.
The loan support project for industrial accident prevention facilities provides long-term, low-interest loans for the installation costs of industrial accident prevention facilities such as hazardous and dangerous machinery, equipment, or protective measures to workplaces with insufficient financial capacity, with priority given to workplaces with fewer than 300 employees.
In manufacturing workplaces with fewer than 300 employees, about 115 people (56.7%) died annually from industrial accidents related to the top 10 hazardous equipment operations.
Accordingly, the agency expanded the loan fund for 2021 to 322.8 billion KRW, increasing by 200 billion KRW from the previous year (102.8 billion KRW). The application period will also start about 20 days earlier, from the 4th.
The support targets are workplaces enrolled in industrial accident insurance that employ workers, as well as corporations or private institutions established for the purpose of industrial accident prevention.
The maximum support amount is 1 billion KRW per workplace. Facility costs are supported 100% at an annual interest rate of 1.5%, with a 3-year grace period and a 7-year installment repayment plan.
Applications can be submitted by visiting or mailing all required documents for the industrial accident prevention facility loan support to the local branch of the Korea Occupational Safety and Health Agency. For more details, please contact ☎ 1544-3088.
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Park Du-yong, Director of the Korea Occupational Safety and Health Agency, said, "Through this project, we hope to resolve the financial difficulties of small and medium-sized workplaces with relatively limited resources and establish safety on site," adding, "The agency will continue to do its best to support workplaces to prevent fatal accidents."
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